result of loan repayment by net proceed received from SPRIME. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt

ratio from 1.35x to 1.39x was mainly due to dividend paid to shareholders in May 2019. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will

part of the 3E project (Efficiency, Energy, and Environmental Project), lowering the cost of producing electricity and steam 9 | Management Discussion and Analysis of Business Operation for the year 2017

excess. In addition, the COVID-19 outbreak resulted in various refineries successively lowering production to coincide with dwindling demand. Dated Brent and Dubai spread (DTD/DB) average in Q1/2020

มั่นคงปลอดภัยในการใช้งานเทคโนโลยี virtualization โดยครอบคลุม hypervisor, host operating system และ guest operating system พร้อมทั้งมีการรักษาความปลอดภัยของข้อมูลที่เกิดจากการใช้เทคโนโลยี virtualization

supplies after various refineries have finished their turnaround maintenance period, and lowering demand from the Chinese fishing sector after entering the fishing ban season in the South and East China seas

war between the US and China, lowering oil demand. With average Gasoil and Dubai crack spread (GO/DB) lowering 1.02 $/BBL while the average Kerosene and Dubai crack spread ( IK/DB) lowered by 1.80 $/BBL

and its subsidiaries recorded total EBITDA of THB 2,514 million (-38% YoY, -38% QoQ), the performance softened, especially for Refinery Business, which was affected by the continuously lowering crude

, thus lowering its average cost of debt. Table 2: Consolidated Results Summary Revenue from rent and services 6,323 6,518 6,422 (1%) 2% 18,755 19,470 4% Retail 6,213 6,345 6,249 (2%) 1% 18,256 18,953 4

to the cycle of the market which lowering the demand of steel products. The Company has exported its products as according to the marketing plan in order to expand marketing strategy, improve standard